#OilandGasExploration

[oilgasenergymagazine]

Rosneft and Reliance Sign Historic $13 Billion Oil Deal, Strengthening India-Russia Ties

https://oilgasenergymagazine.com/wp-content/uploads/2024/12/1-Rosneft-and-Reliance-Sign-Historic-13-Billion-Oil-Deal-Strengthening-India-Russia-Ties-Source-businessupturn.com_.jpg

Source: businessupturn.com

Category: News

  

In a landmark agreement, Russia’s state-owned oil giant Rosneft has signed its largest-ever crude supply deal with India’s private refiner, Reliance Industries. The deal, spanning 10 years, involves the supply of approximately 500,000 barrels per day (bpd) of crude oil, accounting for nearly 0.5% of the global supply. At current prices, this agreement is valued at around $13 billion annually. The deal comes at a time when Western sanctions on Russia, stemming from its 2022 invasion of Ukraine, have redirected global energy trade flows.

The agreement highlights India’s growing role as a critical buyer of Russian oil amid sanctions. As the European Union reduced Russian imports, India seized the opportunity to purchase oil at discounted prices. Russia now accounts for over a third of India’s total energy imports, making it a significant player in India’s energy security strategy. This deal strengthens bilateral energy cooperation ahead of Russian President Vladimir Putin’s planned visit to India.

Competitive Edge and Market Dynamics

The Reliance and Rosneft deal poses a challenge for competing oil producers, particularly those in the Middle East, like Saudi Arabia. India is one of the fastest-growing energy markets, with increasing demand positioning it as a key player in global energy consumption. With slowing growth in China, oil producers are fiercely competing for market share in India.

Under the agreement, Rosneft will supply Reliance with 20-21 Aframax-sized shipments of Russian crude monthly, along with three cargoes of fuel oil. These deliveries will be directed to Reliance’s Jamnagar refining complex in Gujarat, the largest refining hub in the world. The deal’s terms allow for annual reviews of pricing and volumes to reflect changes in global market dynamics.

Reliance and Rosneft had previously collaborated on smaller crude supply deals, but this agreement marks a substantial increase in volumes. It is expected to absorb nearly half of Rosneft’s seaborne oil exports, significantly limiting supplies available for intermediaries and other buyers.

Oil Pricing and Future Prospects

Sources familiar with the agreement revealed that pricing will be linked to the Dubai benchmark, with slight premiums for specific Russian light sweet crude grades like ESPO, Sokol, and Siberian Light. Meanwhile, the medium-sulphur Urals crude, which is particularly favored by Indian refiners, will be priced at a discount of $3 per barrel to Dubai quotes.

This long-term deal, set to begin in January 2024, could extend for another decade, underlining the strategic importance of the India-Russia energy partnership. Reliance’s imports of Russian crude have already surged, averaging 405,000 bpd between January and October 2023, up from 388,500 bpd during the same period last year.

With this agreement, Reliance further cements its position as a leading buyer of Russian oil, ensuring a steady and cost-effective supply. For Rosneft, this deal secures a long-term buyer at a time when Western sanctions have restricted access to key markets. As global energy dynamics evolve, this partnership underscores how geopolitical shifts are reshaping the flow of oil trade across the world.

[comstatsolution]

Energia: Simplify Energy Investing - Access Private Market Assets

Energy is a critical component of a sound portfolio The energy sector offers the potential for substantial returns but also provides a hedge against economic uncertainties, ensuring stability and resilience in your overall investment strategy. Why Energia Current options to hold direct oil and gas exposure are complex and expensive, and traditional private equity opportunities have high entry and exit costs. Energia users can gain direct access to energy assets in a simple and transparent manner with low fees.

[usnewsper-business]

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[sinomechanical]

13-5/8" 10,000 psi Cameron U-type Double Ram BOP to Russia.

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[newsbites]

News from Namibia, 21 July

The Ministry of Environment, Forestry and Tourism in Namibia has issued an Environmental Clearance Certificate to Recon Africa for further oil and gas exploration in the Kavango Basin, despite controversy over the potential negative impact on the environment.

The approval of the certificate was done in accordance with national laws and regulations, ensuring that the project meets environmental standards and mitigates its impact.

Namibia recognizes the importance of balancing its energy sector development with its commitment to reducing greenhouse gas emissions and combating climate change, and believes that the oil and gas industry can coexist with these goals.

2. The National Council has approved a bill that will bring poultry, pork, and dairy products under the same regulatory authority as meat in Namibia.

The amendments to the Meat Industry Act will allow the Livestock and Livestock Products Board to effectively manage the importation of dairy, pork, and poultry products and address legal challenges faced in the past.

The inclusion of poultry and dairy in the bill will benefit local producers and consumers by regulating these subsectors and leveraging the expertise and resources of the existing Meat Board.

3. The UK is implementing visa requirements on visitors from Namibia and four other nations over what it claims are concerns about abuse in the migration system, particularly through citizenship by investment schemes and fraudulent asylum claims.

Namibia and Honduras rank highest among non-visa nationals for asylum claims, contributing to operational pressures and diverting resources from other priorities.

The UK government's crackdown on migrants attempting to claim asylum includes the Illegal Migration Bill, which has faced criticism from UN human rights officials for potentially violating international law.

[globalinsightblog]

"Oilfield Communications Market on Track to Reach $7.5 Billion by 2033, Reflecting 7.5% CAGR"

Oilfield Communications Market is growing rapidly, driven by the need for reliable, high-performance communication technologies in remote oil and gas exploration and production sites. This market encompasses technologies such as satellite, cellular, and fiber-optic networks, along with integrated solutions for real-time data access, remote monitoring, and improved operational efficiency. These solutions are vital for enhancing safety, optimizing resource management, and driving innovation in the energy sector.

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The market is witnessing strong demand, fueled by the need for efficient communication in challenging and often remote environments. Wireless communication is the leading segment, providing flexibility and ease of deployment in harsh terrains. Satellite communication follows closely, offering critical connectivity in areas lacking terrestrial infrastructure. North America leads the market, thanks to its advanced technological infrastructure and significant investments in oil and gas activities. The Middle East, particularly Saudi Arabia, also plays a crucial role, with ongoing exploration projects and substantial oil reserves. The integration of Internet of Things (IoT) technologies is further enhancing the sector’s operational capabilities, enabling real-time data exchange and decision-making.

In 2023, satellite communication captured 45% of the market share, with cellular communication and fiber-optic networks following at 30% and 25%, respectively. The market volume was estimated at 600 million metric tons and is projected to reach 850 million metric tons by 2033. Companies like Schlumberger, Halliburton, and Baker Hughes are leading the way, adopting advanced communication solutions to enhance efficiency and safety.

Regulatory frameworks and technological advancements are significantly influencing market trends. With the integration of AI and IoT technologies, the future of the market is poised for continued growth, despite challenges like high initial investment costs and evolving technology standards.

#OilfieldCommunications #SatelliteCommunication #WirelessCommunication #IoTinOilfield #EnergyTech #RealTimeData #RemoteMonitoring #NetworkOptimization #OilAndGasExploration #FiberOpticNetworks #CellularCommunication #OperationalEfficiency #DigitalTransformation #AIinEnergy #EnergyInnovation

[thescoutfdc]

No human masterpiece has been created without great labor.

Happy Labor Day!

[kladesshopping-blog]

has been awarded an ultrahigh-resolution (UHR) 3D P-Cable #marineseismic project commencing February 2019. Our team in #Singapore is mobilizing a platform supply vessel (PSV) of opportunity in order to deploy our UHR3D system in #offshore #Malaysia for a major E&P operator in the area. This project’s P-Cable system will be the first ever 16 x 100-meter streamer acquisition from a PSV. #Congratulations to the @ncs_subsea team for their commitment in seeing this contract through to fruition. #Congratulations #Malaysia #MarineSeismic #Offshore #OilandGas #OilandGasExploration #OilandGasIndustry #Singapore https://www.instagram.com/p/BtRRGKsDTi4/?utm_source=ig_tumblr_share&igshid=1nrg1m5g3v27t

[thelastdropbook]

All these topics are discussed in "The Last Drop Book" By Dr. Issam Wadi Download Now www.thelastdropbook.com Buy Now From Amazon https://www.amazon.com/Last-Drop-Issam-Dr-Wadi/dp/3990641158

[xsystemsllc-blog]

X Systems is Abu Dhabi based, consulting company catering to the oil & gas industry. Over 80 years of industry experience and 40 years working in the UAE. Get in touch if you need assistance. wwww.xsystems.ae #subsurfaceconsulting #oilandgas #oilandgasuae #oilandgasexploration #reservoirmodelling #reservoirsimulation (at X Systems LLC) https://www.instagram.com/p/BmfeP1rgGdU/?utm_source=ig_tumblr_share&igshid=o5pa4ljw0yt9

[newenglandtradersllc]

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[comstatsolution]

A Historical Overview of the Eagle Ford Basin

The historical significance of the Eagle Ford Basin extends beyond its resource potential. It has played a vital role in Texas's enduring legacy in the energy sector and contributes approximately 12% of the nation's daily oil production. From the pioneering well drilled by Petrohawk Energy to the ongoing operations of industry giants like EOG, ConocoPhillips, and Marathon, the Eagle Ford Basin has shaped the American energy landscape.

[usnewsper-business]

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[thescoutfdc]

Oil and gas companies are increasingly confronted with the need to address Environmental, Social, and Governance (“ESG”) imperatives in their businesses.

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[thescoutfdc]

Scout FDC’S  mobile and web-based field data capture platform is the critical link between the field and office personnel.

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